Brent crude slipped 74 cents to $105.94 a barrel today and is on track for its biggest decline in two years, as the eurozone debt crisis deepens.

Spain’s credit rating was slashed for the third time by Egan-Jones Ratings, as the nation’s borrowing costs spiralled out of control, causing the downgrade of the Euro to a two year low, reports Reuters.

US crude dropped 75 cents to $90.01, as crude stocks at Cushing, Oklahoma, storage hub rose to a record high of 46.8 million barrels.